• Global economic activity set to pick up from the second half of 2021
  
• Massive fiscal stimulus from central banks and promising jobs data indicate recovery is well underway in the United States (US), leading to a positive spillover for the global growth outlook
  
• Mild growth in energy and non-energy indices in March

Second, third and fourth waves notwithstanding, the economic recovery from Covid-19 is likely to accelerate in mid-2021, fueled by vaccine rollouts and massive fiscal stimulus from central banks in major advanced economies. Both fiscal and monetary policies remain generally accommodative, given that economic activity in many countries remains below pre-Covid-19 levels. Moreover, central banks have committed to easy financial conditions to support the economy until recovery is well-entrenched.

However, it is important to note that progress on the vaccine rollout front remains uneven and the pandemic continues to wreak havoc, with some European countries and India tackling a new wave of infections and virus strains. Thus, there remains uncertainty about the evolution of the pandemic and its economic effects.